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University of New York in Prague Recommendation of Marketing

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University of New York in Prague Recommendation of Marketing University of New York in Prague School of Business Bachelor of Business Administration Program FINAL PROJECT Recommendation of Marketing Communication Strategy in the Czech Market for Amorepacific Corporation Author: Thao Quynh Nguyenová (515750) 2019 Mentor: Ing. Jaroslav Halík, MBA, PhD. Acknowledgement I would like to express great gratitude to my mentor Jaroslav Halík for the guidance and assistance with writing my thesis. Also, I would like to thank my family and friends who have been supportive throughout my study. Abstract This thesis determines the communication strategy in the Czech Republic for Korean skincare company, Laneige, which is owned by the big corporation Amorepacific. The company recently entered the European market and have not promoted its brand, therefore this thesis will provide the communication tools to reach the target audience, to increase brand awareness and recognition. The final strategy was concluded from primary research by the distribution of surveys to sample population in the chosen country to find customers’ product preferences, determine target segment and buying decision factors. The result of the thesis was supported by the identification of the current Amorepacific communication strategy in Asia and SWOT (strength, weakness, opportunity, threat) analysis which depicted the internal and external forces that can influence the business. Furthermore, the author used STP analysis which detects segments of the cosmetic industry, selects the adequate group of interest and compares the positioning of the brand with competitors. Lastly, the communication plan consists of defining its objectives, message, budget as well as choosing the most effective distribution channels, creating an annual calendar for application of each promotion tool, recommending tools for measuring and control after the implementation of the strategy. Keywords: Amorepacific, Laneige, communication strategy, cosmetic industry, Korean skincare, Czech Republic 3 Table of Contents INTRODUCTION............................................................................................................................................... 7 1 LITERATURE REVIEW ........................................................................................................................... 8 1.1 COMPANY BACKGROUND .................................................................................................................................... 8 1.2 AN OVERVIEW OF THE COSMETIC INDUSTRY ................................................................................................... 9 1.3 MARKETING MIX ................................................................................................................................................ 9 1.3.1 Product .................................................................................................................................................................. 10 1.3.2 Promotion ............................................................................................................................................................ 10 1.3.3 Price ........................................................................................................................................................................ 10 1.3.4 Place ....................................................................................................................................................................... 11 1.3.5 People ..................................................................................................................................................................... 11 1.3.6 Process ................................................................................................................................................................... 12 1.3.7 Physical evidence ............................................................................................................................................. 12 1.4 PROMOTIONAL MIX ......................................................................................................................................... 12 1.4.1 Advertising .......................................................................................................................................................... 13 1.4.2 Sales Promotion ................................................................................................................................................ 14 1.4.3 Public Relation .................................................................................................................................................. 15 1.4.4 Personal Selling ................................................................................................................................................ 16 1.4.5 Direct Marketing .............................................................................................................................................. 17 1.5 SEGMENTATION, TARGETING AND POSITIONING MARKETING (STP) ........................................................ 18 1.5.1 Segmentation ..................................................................................................................................................... 19 1.5.2 Targeting ............................................................................................................................................................. 20 1.5.3 Positioning........................................................................................................................................................... 22 2 ANALYSIS OF MARKETING COMMUNICATION STRATEGY ........................................................ 24 2.1 CURRENT COMMUNICATION STRATEGY OF THE COSMETIC INDUSTRY IN SOUTH KOREA ......................... 24 2.2 SURVEY RESULTS............................................................................................................................................. 26 2.3 LANEIGE SEGMENTATION, TARGETING AND POSITIONING .......................................................................... 33 2.4 COMMUNICATION OBJECTIVES OF THE MARKETING PLAN IN CZECH REPUBLIC ........................................ 36 2.5 DEFINING MESSAGE AND CHOICE OF MEDIA ................................................................................................. 36 2.6 SWOT ANALYSIS ............................................................................................................................................ 36 2.7 TOOLS AND CHANNEL SELECTION FOR MARKETING COMMUNICATION STRATEGY IN CZECH REPUBLIC 38 2.8 BUDGET AND CALENDAR ................................................................................................................................ 44 2.9 MEASURING AND CONTROL ............................................................................................................................ 46 CONCLUSION .................................................................................................................................................. 47 APPENDICES ................................................................................................................................................... 51 4 List of Figures Figure 1: Example of a Perceptual Map 23 Figure 2: Visualisation of Water Bar event 25 Figure 3: Answers to survey question: What is your age? 26 Figure 4: Answers to survey question: How much do you spend on skincare products monthly on average? 27 Figure 5: Answers to survey question: How much are you willing to spend? 28 Figure 6: Answers to survey question: Are you interested in skin care? 29 Figure 7: Answers to survey question: Do you have a skincare routine? 29 Figure 8: Answers to survey question: Based on what do you choose to buy cosmetic products? 31 Figure 9: Answers to survey question: What kind of product did you use? 32 Figure 10: Segments of the Cosmetic Market 33 Figure 11: Perceptual Map of Laneige 35 Figure 12: SWOT Analysis 37 Figure 13: Cost Structure of Communication Tools 44 Figure 14: Cost Structure of Communication Tools 45 5 List of Abbreviations STP Segmentation, Targeting, Positioning PPC Pay-per-click SEO Searching Engine Optimalization B2B Business to Business R&D Research and Development 6 Introduction In recent decades, globalization is one of the most practical tools for independent economic prosperity. The integration and unification of cultures have led to higher living standards and provisional world peace. In the economy, globalization is the key to the growth of wealth because it creates an opportunity for businesses to expand and relocate their sources in different parts of the world. Therefore, to successfully penetrate a foreign market, understanding cultures and ways of communication are essential. Many companies, due to enlargement to a particular country, have to learn about its cultural identity to develop adequate business strategies which are in correlation with a target area. Every business development requires marketing which modifies its strategy based on culture. The part of marketing is to understand the needs and desires of a targeted group because this field is responsible for the brands’ awareness. A connection between sellers and buyers is crucial for gaining profits because it involves the recognition of customers preferences. Therefore, the marketing communication strategy is one of the divisions in marketing which examines the relationship
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